Gentherm Inc

Latest Results (07.08.2024):

Record Quarterly Revenue

Gentherm Inc. reported record quarterly revenue of $376 million for the second quarter of 2024, marking the highest quarterly operating income in three years. This represents a 0.9% increase from the $372.3 million reported in the same quarter of 2023. Excluding the impact of foreign currency translation, product revenues increased by 2.0% year over year.

Automotive Revenue Growth

Automotive revenues for Gentherm Inc. increased by 0.7% year over year in the second quarter of 2024. When adjusted for foreign currency translation, automotive revenues saw a 1.8% increase. The company's Automotive Climate and Comfort Solutions segment outperformed actual light vehicle production in key markets by 500 basis points, driven by double-digit growth in Lumbar and Massage Comfort Solutions.

Improved Earnings Per Share

Gentherm Inc. reported GAAP diluted earnings per share of $0.60 for the second quarter of 2024, a significant improvement compared to a loss of $0.05 in the prior-year period. Adjusted diluted earnings per share were $0.66, up from $0.58 in the same quarter of the previous year. This improvement reflects the company's strong financial performance and operational efficiency.

New Business Awards

During the second quarter of 2024, Gentherm Inc. secured $660 million in new automotive business awards. This includes the company's first proprietary Puls.A™ massage solution award. The total automotive new business awards for the year-to-date reached $1.2 billion, demonstrating strong market demand and the company's competitive positioning.

Guidance and Outlook

Gentherm Inc. provided its full-year 2024 guidance, projecting product revenues in the range of $1.5 billion to $1.6 billion. The company expects the adjusted EBITDA margin rate to be above the mid-point of the 12.5% to 13.5% range. The full-year adjusted effective tax rate is anticipated to remain between 26% and 29%, with capital expenditures estimated between $65 million and $75 million.